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Blackstone Takes Full Ownership of International Gemological Institute May 21, 2023 (0 comments)
Mumbai, India--Blackstone Inc., a leading private equity firm, has announced its complete acquisition of the International Gemological Institute (IGI), a jewelry certification company. Previously owned by China's Fosun and the founding Lorie family, the acquisition has placed IGI under Blackstone's umbrella.
According to a Reuters report, insiders value the transaction at around $530 million. Blackstone acquired an 80% stake from Fosun and the remaining 20% from the Lorie family. As per the report, Fosun later clarified that the total disposal consideration was $569.65 million.
Guo Guangchang, Fosun chairman, anticipates this move positively affecting his company's financial performance. He noted in the report that this would enable Fosun to channel more resources toward its development strategies.
IGI, established about 50 years ago by the late Marcel Lorie, operates 29 laboratories and 18 schools of gemology across 10 countries, with the majority based in India. The Indian jewelry market, valued at $78.5 billion in the 2021 financial year, is one of the largest globally, with a substantial portion attributed to exports.
Learn more in the Reuters report.